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Business Relationship Management - building effective relationships with stakeholders.

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Introduction

A "stakeholder" is any person or organization that is involved in a project, or whose interests may be affected positively or negatively by a project. Stakeholders can be inside the organization or outside. In many projects the public at large will become a stakeholder to be considered during the project. The challenge for the project manager when the public is a stakeholder will be to act while taking into account public needs. Often there is no straight representative of the public to be consulted for the period of project planning. Potential stakeholders include but are not limited to: competitors, national communities, employees, government, prospective customers, government regulatory agencies, and prospective employees, Industry trade groups, the public at large (Global community), investors, shareholders, suppliers and local communities. When identifying stakeholders and ranking their level of interest and involvement in the project, it will become important to use some sort of a tool such as rating scale, an influence diagram, or a chart form to identify the level of power, influence, interest, or impact that the stakeholder may have on the project. Every company has stakeholders. These stakeholders require certain information to be able to maintain your organisation and buy into its culture and processes. ...read more.

Middle

Try to adjust your efforts accordingly. Part of this is keeping a finger on the pulse of your company's reputation which is also important. Conduct surveys if you shall feel necessary and establish who thinks what and why. Knowing what the perception is will go a long way toward finding the necessary means to turn it around. How service quality and service delivery enhances customer satisfaction. An advantage can be achieved when a firm offers clients value that they simply cannot get elsewhere. By creating such an advantage, the firm can obtain higher prices and earn higher profit margins. This advantage can be economic or psychological, or both the first is particularly important in business markets where buyers are encouraged by the aim of increasing profitability of their own enterprises. Economic value to the customer (EVC) is a central theory in pricing products. By developing an offer with a high EVC, a company can charge higher prices and still offer its customers greater value. The higher priced product may offer value because it generates more output than its competitor or because the operating costs associated with it (e.g. labour, depreciation) ...read more.

Conclusion

Value from physical evidence has become apparent. Physical evidence may be such things as the company's premises and their environments. Web portals can also act as physical evidence. Many companies have now developed web portholes for their customers and partners. Users can access the information through a secure sign on and have information supplied to them, according to their specific needs. Many companies also claim that people are their key source of customer value. This is more so for the more professional services such as counselling and coaching for instance where people themselves are the very product! A good service level agreement, increases value, as it forms a legal bond between client and company, therefore securing the company's word with the client.Product service bundling is the practice of offering customers packages. Tour company's use this method quite often, buy bundling flights accommodation and transfers together. Also buy changing the bundle being given away the bundle can seem to the customer very attractive.The is also a concept called the 'marketing mix' is really a way of describing a process of combining things together to create added value to customers. Eugene McCarthy grouped these together as a classification known as the 4p's, product, price, promotion and place, place being where the product is placed within the market. ...read more.

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